World News: 21:25 GMT Tuesday 14th January 2020. [Cemtrex Inc. via Globe Newswire via SPi World News]
New York, NY, Jan. 14, 2020 (GLOBE NEWSWIRE) -- (Nasdaq: CETX, CETXP, CETXW), a leading multi-industry technology company that is driving innovation in a wide range of consumer and commercial sectors, announced its financial results for the fiscal year ending September 30, 2019.
Cemtrex’s Chairman and CEO, Saagar Govil, commented on the results, “This past year we exited our Environmental businesses which have struggled in recent years due to decreasing government regulations globally. We also exited the Electronics Manufacturing segment because it had low margins and would face strong headwinds for the next several years due to the tepid outlook in Europe. This transition has allowed us to shift away from lower margin, low growth markets into higher growth technology markets with better long-term opportunities. The two restructured and retained segments have better gross and net margins with opportunities for attractive growth.”
“We also continue to see increased demand in our Advanced Technologies segment as we focus on security and IoT markets. The market for security technology products is increasing due to global demand for smart, safe cities and security surveillance today and will be a key part of our growth strategy for the next several years. Additionally, our team is focused on enhancing the SmartDesk with a lower price model that enables laptop docking as a primary feature. We will continue to balance our desire for positive operating cash flow with investments in research and development that will create long-term growth.”
“Furthermore, we always remain on the lookout for opportunistic and synergistic acquisitions which will have substantial long-term value to Cemtrex.” continued Mr. Govil.
Cemtrex, Inc. (NASDAQ:CETX) is the manufacturer of the , the world’s most advanced workstation. Cemtrex is a diversified technology company that is driving innovation in a wide range of sectors, including smart technology, virtual and augmented realities, advanced electronic systems, industrial solutions, and intelligent security systems.
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Globe Newswire: 21:25 GMT Tuesday 14th January 2020
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